Shared business data is an approach that makes your company’s data, whether internal or external accessible for analysis and collaboration. It’s a smart strategy that will bring tangible benefits to your company. However, it’s not without challenges and risk.
Many businesses aren’t able make the most of data due to an absence of resources or time. Cloud-based technology has reduced these barriers, allowing companies to share data on a massive scale and also enabling new business models. As the world is becoming more connected, the ability to easily share data and insights will make more informed decisions. More insights that positively impact business will further encourage sharing of data, which will create a an positive feedback loop.
Companies that focus on the use of data and insights are more agile and better able profit from opportunities and react quickly to threats. In addition more informed decisions based on data enhance the quality of a company’s products and services. General Electric’s GE Digital program, for instance, allows for sharing information with service providers about its equipment and machinery to optimize performance and reduce downtime.
Developing and maintaining an effective data-sharing plan requires consistent policies, clear tools and intentional processes that are consistently followed. Security concerns are the top problem, as data has to be secured against breach or access by unauthorized persons and in compliance with applicable laws. It’s also important to prioritize the quality of data and provide documentation for data consumers so they can make informed choices.
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